Equinor's long-delayed liquefied natural gas (LNG) project in Tanzania is becoming more attractive. This is due to disruptions in energy flows in the Strait of Hormuz.
Philippe Mathieu, Equinor's head of international operations, noted the advantage of developing LNG in a region not exposed to geopolitical challenges. He stated, "maybe now is a good time to get on with it."
The proposed Tanzania LNG project carries a $42 billion price tag. It is a joint venture with Shell. The project aims to develop over 47 trillion cubic feet of massive offshore gas deposits.
The project has faced years of delays. Recent global events highlight the need for diverse energy supply sources away from volatile regions.
Mathieu made these comments at an energy conference in Norway.